Cryptocurrency Can Bring Growth to American Economy if Properly Regulated – Senator Cory Booker of New Jersey discussed the potential economic benefits of Bitcoin on Thursday. His remarks came in the wake of President Joe Biden’s executive order on cryptocurrency regulation.
In October 2013, Booker became the first African American to represent New Jersey in the United States Senate. He served on the Newark City Council from 1998 to 2002 and as mayor of Newark from 2006 to 2013.
“I’m encouraged by President Joe Biden nuanced and positive tone in his recent executive order on digital assets,” the senator wrote on Twitter, adding:
“Cryptocurrency is an exciting innovation that, if properly nurtured and controlled, has the potential to strengthen the American economy.”
“As the order states, the United States has established itself as a leader in this fast evolving sector, and we must ensure that we maintain that position,” Senator Booker added.
“Many Americans, including a sizable number of Black and brown individuals, have participated in the purchase and exchange of digital assets,” he continued, adding:
“It’s encouraging to see the administration rise to the occasion and focus on Web3’s transformative potential.”
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Senator Booker went on to stress the need of protecting investors. “To keep America competitive on the world stage, their protection as consumers should be prioritized alongside the fostering of innovation,” he continued.
One of President Biden’s top concerns in his crypto executive order (EO) is investor protection:
“To mitigate the risks that digital assets may bring to investors, consumers, and business protections, we must take aggressive measures.”
Biden’s crypto executive order has been received greatly by many in the crypto business. “What I take away from this Executive order is that the federal government views cryptocurrency as a genuine, significant, and important aspect of the economy and society,” a D.C.-based think tank executive said.